Buy Or Sell Opportunity • Jun 01
Now 50% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to €0.17. The fair value is estimated to be €0.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to decline by 21% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Upcoming Dividend • May 27
Upcoming dividend of Rp156 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 19 June 2026. The company last paid an ordinary dividend in February 2017. The average dividend yield among industry peers is 4.0%. Announcement • May 23
PT Jasa Marga (Persero) Tbk announces Annual dividend, payable on June 19, 2026 PT Jasa Marga (Persero) Tbk announced Annual dividend of IDR 156.2292 per share payable on June 19, 2026, ex-date on June 03, 2026 and record date on June 04, 2026. Board Change • May 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Independent Commissioner Seppalga Ahmad was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 14
PT Jasa Marga (Persero) Tbk, Annual General Meeting, May 20, 2026 PT Jasa Marga (Persero) Tbk, Annual General Meeting, May 20, 2026. Announcement • May 09
PT Jasa Marga (Persero) Tbk announces Annual dividend, payable on June 05, 2025 PT Jasa Marga (Persero) Tbk announced Annual dividend of IDR 156.2292 per share payable on June 05, 2025, ex-date on May 20, 2025 and record date on May 21, 2025. Announcement • Apr 16
PT Jasa Marga (Persero) Tbk, Annual General Meeting, May 07, 2025 PT Jasa Marga (Persero) Tbk, Annual General Meeting, May 07, 2025. Location: mengakses fasilitas easy.ksei dalam tautan, pt kustodian sentral efek indonesia ksei, kota adm.jakarta timur dki., jakarta Indonesia Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: Rp131 (vs Rp665 in 3Q 2023) Third quarter 2024 results: EPS: Rp131 (down from Rp665 in 3Q 2023). Revenue: Rp7.29t (up 41% from 3Q 2023). Net income: Rp953.4b (down 80% from 3Q 2023). Profit margin: 13% (down from 94% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 9.1% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Europe are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Nov 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 15% Last year net profit margin: 41% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (15% net profit margin). Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: Rp243 (vs Rp89.71 in 2Q 2023) Second quarter 2024 results: EPS: Rp243 (up from Rp89.71 in 2Q 2023). Revenue: Rp7.03t (up 57% from 2Q 2023). Net income: Rp1.76t (up 171% from 2Q 2023). Profit margin: 25% (up from 14% in 2Q 2023). Revenue is expected to decline by 7.3% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Europe are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 02
First quarter 2024 earnings released First quarter 2024 results: Revenue: Rp6.04t (up 36% from 1Q 2023). Net income: Rp585.9b (up 18% from 1Q 2023). Profit margin: 9.7% (down from 11% in 1Q 2023). Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Europe are expected to grow by 3.3%. Announcement • Apr 02
PT Jasa Marga (Persero) Tbk, Annual General Meeting, May 08, 2024 PT Jasa Marga (Persero) Tbk, Annual General Meeting, May 08, 2024, at 06:30 Coordinated Universal Time. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: Rp936 (vs Rp378 in FY 2022) Full year 2023 results: EPS: Rp936 (up from Rp378 in FY 2022). Revenue: Rp21t (up 29% from FY 2022). Net income: Rp6.79t (up 147% from FY 2022). Profit margin: 32% (up from 17% in FY 2022). Revenue is expected to decline by 4.4% p.a. on average during the next 2 years, while revenues in the Infrastructure industry in Europe are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 30
Now 25% undervalued Over the last 90 days, the stock is up 8.3%. The fair value is estimated to be €0.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 75%. Revenue is forecast to decline by 0.3% in 2 years. Earnings is forecast to decline by 58% in the next 2 years. Reported Earnings • Dec 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: Rp5.16t (up 23% from 3Q 2022). Net income: Rp4.83t (up Rp4.55t from 3Q 2022). Profit margin: 94% (up from 6.5% in 3Q 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Infrastructure industry in Europe. Reported Earnings • Aug 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: Rp4.48t (up 16% from 2Q 2022). Net income: Rp651.1b (up 90% from 2Q 2022). Profit margin: 14% (up from 8.8% in 2Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Infrastructure industry in Europe. New Risk • Jun 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Board Change • Nov 16
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). President Director Subakti Syukur is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Jul 01
PT Margautama Nusantara entered into a conditional share and purchase agreement to acquire 40% stake in PT Jasamarga Jalanlayang Cikampek from PT Jasa Marga (Persero) Tbk (IDX:JSMR) for approximately IDR 4390 billion. PT Margautama Nusantara entered into a conditional share and purchase agreement to acquire 40% stake in PT Jasamarga Jalanlayang Cikampek from PT Jasa Marga (Persero) Tbk (IDX:JSMR) for approximately IDR 4390 billion on June 30, 2022. The total consideration of IDR 4389 billion shall be settled as IDR 15 billion upon signing on June 30, 2022, IDR 791 billion upon closing on or about July 31, 2022, IDR 3224 billion upon on or before December 20, 2022 and IDR 359 billion upon reaching a pre-agreed target level of tariff adjustment with a longstop date of December 31, 2024. The board of Metro Pacific Investments Corporation approved the deal. The closing of the transaction is subject to the satisfaction of customary closing conditions, including the completion of the technical due diligence to the satisfaction of PT Margautama. Board Change • Apr 27
No independent directors There are 8 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). President Director Subakti Syukur is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 13
Third quarter 2021 earnings released: Rp14.64 loss per share (vs Rp7.15 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings and control over costs, although revenues were flat. Third quarter 2021 results: Revenue: Rp3.75t (flat on 3Q 2020). Net loss: Rp106.2b (down 305% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Jul 04
First quarter 2021 earnings released: EPS Rp22.30 (vs Rp81.01 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: Rp3.49t (down 16% from 1Q 2020). Net income: Rp161.8b (down 73% from 1Q 2020). Profit margin: 4.6% (down from 14% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 04
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: Rp14t (down 48% from FY 2019). Net income: Rp501.0b (down 77% from FY 2019). Profit margin: 3.7% (down from 8.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 26
New 90-day low: €0.22 The company is down 9.0% from its price of €0.24 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.01 per share. Is New 90 Day High Low • Jan 16
New 90-day high: €0.29 The company is up 49% from its price of €0.19 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.014 per share. Is New 90 Day High Low • Dec 22
New 90-day high: €0.26 The company is up 60% from its price of €0.16 on 23 September 2020. The German market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.012 per share. Is New 90 Day High Low • Nov 11
New 90-day high: €0.23 The company is up 6.0% from its price of €0.22 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.013 per share. 